In April of 1950, Tolkien urged Stanley Unwin to agree to publish both books, and when Unwin refused, Tolkien took them to Waldman. To Tolkien's disappointment, Waldman told him that The Lord of the Rings was too long. Waldman then left for Italy for a year and his replacement was much less enthusiastic about Tolkien's works. In late 1951 Tolkien wrote a long letter to Waldman explaining how the two works were dependent on each other, but Waldman still refused.

In 1956, after The Lord of the Rings has been published, Waldman attempted to unsuccessfully publish The Hobbit in Collin's Fontana paperback series.